Social media startup by amritpal singh

How it all started for Scotia bank and American express

On December 31, 1831, a large group of Halifax businessmen met in the Merchants Exchange Coffee House to discuss the need to create a public bank as an alternative to the privately owned Halifax Banking Company. Three months later, on March 30, 1832, royal assent was given to the bill incorporating "the President, Directors, and Company of the Bank of Nova Scotia", with an authorized capital of £100,000 of which £50,000 had to be paid up before business could begin. The Bank of Nova Scotia became the first chartered bank in Nova Scotia and held their first shareholders' meeting at the Merchants Exchange Coffee House on May 10, 1832. By August 29 of the same year, The Bank of Nova Scotia opened for business in the John Romans's building. The original staff consisted of: Cashier (COO) James Forman: and Tellers Alexander Paul, Benjamin Carlile; and Messenger James Maxwell. The Honourable William Lawson was elected as the Bank's first President.

American express

When the American Express Company was  founded in 1850 it was an “express business”. This meant that it was a private company whose business was to carry money, packages or valuable things from one place to another. The US Postal Service had only recently begun. They delivered letters, but not large parcels.

Gradually American Express began to focus their attention on  banks and other big financial groups because they found the American Express very reliable and paid them good money for their services. The American Express gradually changed to be a financial company. In the late 1890s they started to compete with the banks by issuing money orders.